Karl Loomes, market analyst at SunGard's Astec Analytics, told Benzinga that even SolarCity Corp (NASDAQ: SCTY) short sellers are "growing more optimistic of the stock's prospects." He pointed to Astec data that suggests "borrowing volumes fell 11 percent" in just four trading sessions.

When looking at the stock price movement over those trading sessions, Loomes said that this is not a fear-induced bout of short covering. Though shares have "seen some volatility this past week or so, there doesn't seem to have been any one-off events or one-day price moves that would normally trigger a bout of covering like this."

His conclusion: shorts are becoming less bearish and covering naturally.